Flint Hills Park is a private camping ground near the Lathom Peak Recreation Are
ID: 2377467 • Letter: F
Question
Flint Hills Park is a private camping ground near the Lathom Peak Recreation Area. It has compiled the following financial information as of December 31, 2014.Service revenue (from camping fees) $132,000 Dividends $9,000 Sales revenue (from general store) 25,000 Notes payable 50,000 Accounts payable 11,000 Expenses during 2014 126,000 Cash 8,500 Supplies 5,500 Equipment 114,000 Common stock 40,000 Retained earnings (1/1/2014) 5,000 Flint Hills Park is a private camping ground near the Lathom Peak Recreation Area. It has compiled the following financial information as of December 31, 2014.
Service revenue (from camping fees) $132,000 Dividends $9,000 Sales revenue (from general store) 25,000 Notes payable 50,000 Accounts payable 11,000 Expenses during 2014 126,000 Cash 8,500 Supplies 5,500 Equipment 114,000 Common stock 40,000 Retained earnings (1/1/2014) 5,000 Exercise 1-10 (Part Level Submission) Flint Hills Park is a private camping ground near the Lathom Peak Recreation Area. It has compiled the following financial information as of December 31, 2014.
Explanation / Answer
net income= 132000+25000-126000=31000
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